More than 300 years after it sank during an attack in the Caribbean near Cartagena's coast, a Spanish treasure ship has been found, says Colombia's President Juan Manuel Santos.

Santos announced the discovery of the legendary galleon Friday night, tweeting: "Great news: we found the Galeón San José!"

The value of the San Jose's treasure — believed to include gold, silver, emeralds, and other precious cargo — has been estimated at more than $10 billion, with a range of $4-$17 billion often invoked. Much of the bullion came from mines in what is now Peru.